Barwa Bank H1 profits up 35pc

Doha, July 26, 2014

Barwa Bank Group, Qatar's fastest growing shari'ah compliant banking service provider, said its net profit rose 35 per cent to QR411 million during the first half of this year, compared with QR303 million during the same period in 2013.

The balance sheet recorded significant growth with an increase in total assets of 28 percent to QR35.6 billion as compared to the second quarter of 2013, and an increase in financing assets of 35 percent to exceed QR22 billion, as well as an increase in the customer deposits by 35 percent to reach QR22.4 billion.

Earnings per share also increased to QR1.38 in comparison to QR1.01 in the first half of 2013.

Sheikh Mohamad bin Hamad bin Jassim Al Thani, chairman, said: “We were able to strengthen our presence in the Qatari market significantly and took part in many important deals during the first half of this year which reflected positively on the financial performance of the group. We are keen to continue this positive performance in greater pace throughout the remainder of this year, and hope to contribute more to the Qatari banking sector and increase value to our key stakeholders."

Khalid Al-Subeai, acting group chief executive officer, Barwa Bank Group, added: "The group managed to strengthen its profitability during the first six months of this year by increasing its revenues by 11 per cent and reducing expenses by 5pc. There has also been a major effort in the collection of non-performing assets which was reduced to less than 1.5pc of the total financing assets compared with 2pc at the end of 2013. These excellent results will motivate us to continue providing our services and to progress at different levels in order to achieve our vision to make Barwa Bank Group the country’s leading Shari'ah compliant banking service provider." - TradeArabia News Service